TORONTO, ONTARIO--(Marketwired - March 26, 2014) - Canstar Resources (Canstar) (TSX VENTURE:ROX) is pleased to provide an update on the current exploration activity for its Mary March Project, located near Buchan's Junction in Central Newfoundland.
The Company's recent borehole geophysical program conducted on holes drilled during 2013 has provided results that distinguish a high priority drill target near the Mary March massive sulphide zone. All of the holes surveyed clearly point to a more conductive zone downdip and to the east of holes MM13-29 and MM13-30, suggesting the mineralization is open for expansion in these directions.
The Mary March zone is the initial discovery area drilled by Phelps Dodge in 1999 where they encountered impressive grades of 10.1% Zn, 1.68% Pb, 0.64% Cu, 122.1 grams per tonne (g/t) Ag, and 4.2 g/t Au over 9.63 meters. The drilling completed by the Company in the Mary March area successfully added to these results, encountering massive sulphide zones with two separate holes. In drillhole MM13-30, 11.6 meters of mineralization containing 3.6% Zn, 0.1% Cu, 0.8% Pb, 25 g/t Ag, and 1.5 g/t Au; including a 3.6-meter high-grade zone containing 7.5% Zn, 0.04% Cu, 1.37% Pb, 26.1 g/t Ag, and 1.7 g/t Au, and extended the Mary March Zone to depth. In MM13-29, 5.0 meters of mineralization was encountered, containing 4.82% Zn, 0.38% Cu, 1.04% Pb, 71.3 g/t Ag, and 1.8 g/t Au, including 3.5 meters of 6.21% Zn, 0.13% Cu, 1.42% Pb, 82.8 g/t Ag, and 1.9 g/t Au (see Company Press Release dated January 21, 2014).
Results for surveys completed for holes in the Nancy April area, which is located approximately 500 meters southwest of the Mary March zone require more data and investigation, remaining relatively underexplored compared to the Mary March zone.
"This is exciting news for our shareholders and for the Mary March project," stated Danniel Oosterman, President and CEO of Canstar. "In an area where mineralization is known to give weak responses, we are encouraged to find such an obvious anomaly offhole to known mineralization. Needless to say the company regards this as a high priority target for its next drilling program."
In light of these results the Company is submitting permitting applications for future exploration work including drilling which is anticipated to commence late spring to early summer. The company will announce each stage of work accordingly.
Mr. Danniel Oosterman, P.Geo., the President and CEO of the Company, is a "Qualified Person" under National Instrument 43-101 and has reviewed the technical disclosure in this press release.
On behalf of myself and the Board of Directors,
Danniel J. Oosterman, P.Geo, President & CEO
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This News Release includes certain "forward-looking statements". These statements are based on information currently available to the Company and the Company provides no assurance that actual results will meet management's expectations. Forward-looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results relating to, among other things, results of exploration, project development, reclamation and capital costs of the Company's mineral properties, and the Company's financial condition and prospects, could differ materially from those currently anticipated in such statements for many reasons such as: changes in general economic conditions and conditions in the financial markets; changes in demand and prices for minerals; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological and operational difficulties encountered in connection with the activities of the Company; and other matters discussed in this news release. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on the Company's forward-looking statements. The Company does not undertake to update any forward-looking statement that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws.